MCT denies mandatory general offer from Ayala Land

KUALA LUMPUR (July 18): MCT Bhd has denied that the company faces a mandatory general offer (MGO) from its single-largest shareholder, the Philippines-based Ayala Land Inc.

“We wish to clarify that there is no discussion among [our] shareholders for a MGO or buyout,” the property developer said in a statement yesterday in response to an article by The Edge Malaysia weekly. The July 17 article cited sources as saying that Ayala Land, which currently holds a 32.95% stake in MCT, intends to buy a controlling stake from its co-founders Tan Sri Barry Goh Ming Choon and Datuk Seri Tong Seech Wi.

Separate sources were quoted as saying that “the founders are ready to let go of the company” depending on the price offered, and that it is only “a matter of time” before they sell their stakes.

Both Goh and Tong are the second- and third-largest shareholders with stakes of 27.24% and 14.67% respectively.

Meanwhile, Ayala Land, which bought into the company in April 2015, was said to have been interested in a direct investment in Malaysia. However, the leading property developer in the Philippines with a market capitalisation of US$11.98 billion (RM51.39 billion) was said to have been persuaded by MCT’s founders to take up a stake in the group instead.

This article first appeared in The Edge Financial Daily, on July 18, 2017.

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